TIF (tax increment financing) is a tool used by local governments to encourage economic growth within TIF districts by dedicating tax revenue generated within the TIF for improvements within the district. The state allows a TIF district to be in place for up to 23 years. When a TIF district is established, the current value of property within the district is used to establish the "base" tax revenue received by the various taxing bodies (e.g. the village, school district, township, park district, etc.). This base tax revenue continues to be distributed to the various taxing bodies throughout the life of the TIF district. The future growth of property values within the TIF district, and the additional property tax generated by the increased values, is known as the increment. The increment is used by the village to make investments in the TIF district to encourage continued economic growth within the district. Location within a TIF district does not alter the property tax rate for individual property owners.
For more information on TIF districts, visit the Illinois TIF Associate website
Downtown TIF District
Created: May 1991
Expires: May 2014
The oldest of Lemont's three TIF districts, the downtown district was created in 1991. The goal of both the Canal and Downtown TIF districts is to promote a vibrant downtown Lemont, characterized by a complimentary mix of retail and residential uses. Since adoption of the TIF, the Village has invested in public improvements and infrastructure enhancements. Projects have included:
- Reconstruction of the major roads in the downtown, including Main Street, Canal Street, and Stephen Street. Reconstruction included installation of new water and sewer mains, curb and gutter, sidewalks/pavers, street lights, pavement, etc.
- Direct financial assistance to encourage preservation and rehabilitation of buildings within the TIF district, in the form of a downtown building facade and signage grant.
Although much has been accomplished in the Downtown TIF district, additional projects are planned for the remaining five years of the TIF. One such project is the relocation of utilities (ComEd, AT&T, Comcast) along Talcott Street.
Created: February 2006
Expires: February 2029
The Canal TIF District was created to provide TIF district funding to the portion of downtown Lemont that was not included in the original Downtown TIF district. The goal of both the Canal and Downtown TIF districts is to promote a vibrant downtown Lemont, characterized by a complimentary mix of retail and residential uses. Projects within the TIF district have included:
- Construction of a 262-space public parking structure. Opened in 2009, the parking structure provides free parking for downtown residents, business owners, and visitors.
- Reconstruction of River Road and Front Street. Reconstruction included new water and sewer mains, curb and gutter, sidewalks/pavers, street lights, pavement, etc.
- Relocation of overhead ComEd, AT&T, and Comcast utilities along River and Front Street to underground. The relocated utilities serve 340 River, parcels west of 340 River, and the Post Office block.
Created: February 2009
Expires: February 2032
The Gateway TIF district is the most recently created of Lemont's three TIF districts. The Gateway TIF encompasses approximately 156 acres of property between the I&M Canal and Archer Avenue, including the industrial district west of IL-83. The goal of the Gateway TIF district is to spur economic growth in area that has inadequate utilities, deleterious land use, and deteriorating infrastructure. Redevelopment projects have not yet begun in the Gateway TIF District. However, through the assistance of a Special Service Area (SSA) within the TIF District, water and sewer utilities have been extended along Main Street to IL-83.